Amphion Innovations plc (LSE: AMP), the developer of medical, life science, and technology businesses, today told DirectorsTalk that the Company has agreed terms for the draw-down of an additional tranche of US $3 million under the loan facility as announced on 5 June 2014 to be drawn-down in two consecutive tranches, the first being made on 25 November 2015 and the second on 8 December 2015.
Under the terms of the Additional Draw, the simulated warrants over Kromek Group plc, as detailed in the 5 June 2014 announcement, will be canceled, the interest rate on the Facility will be reduced from 12% to 10%, and no additional Amphion warrants will be granted. The remaining terms of the Additional Draw is on substantially the same terms as the Facility.
The Additional Draw is to be repaid in monthly installments starting 1 March 2016, with the final monthly repayment due on 1 November 2016. The proceeds are to be used to repay the existing amount due under the Facility and for working capital for Amphion and its Partner Companies.
